We have lots of discussions about how to get people to save more, which is clearly important.
But today I want to ask a question about spending money: Assume you had $20,000 to spend (and that you could not save it), what would be the ideal way to spend it? In other words, what would be the way to spend this sum if your goal was to get the most joy and happiness out of this amount? ...
Your task, Viewpoints wiki'er: burble a bit about what you would do with $20K.
Mr. Wright: 20K, eh? I'm feeling a trip to NYC with my wife once squash season is over (2K?). Definitely some sort of stock index purchase, with an idea of longer term goals for the kids (2K in stocks per kid). Definitely a new road bike also...still racing on my first one from 5 years ago (3K). The wardrobe could use some sprucing up...I've often said that if I were rich, I'd wear a blazer and nice shirt each day, so this could help with a trip to Boyd's (3K?). One more thing...good first editions of Robert Parker's first four novels (3K). And the rest as vacation down payments for real vacations we take.
Stocks: $5,000 Bonds (Chinese and U.S Bonds) $1000 $7500 in Charity (Haiti Victims) $500 on taking a limo to KFC $3000 on vacationing in Japan $1000 shopping $1000 on Charity (Darfur orphans) $1000 to the U.N
Trends: In our group, all of us spent a portion of our money on material items (meaning we didn't invest or buy property or anything like that.) Some of us shared our money with our families and all of us donated a piece of our money to charity. We could pretty much be dropped off at King of Prussia mall to accomplish most of our shopping needs, but some of us need to have a serious amount of time at Genuardi’s. (Some will also be ordering takeout from delicious and expensive restaurants.) One person needs a soda fountain.
Group: We would divide the money evenly, with five thousand a piece, and pretty much follow our original game plan. The only difference would be the amount we could spend, other than that, it would be the same—King of Prussia, Genaurdi’s, delicious expensive restaurants, and a soda fountain.
·Trends ·Personal Enjoyment ·Very little thought for charity or future investments ·Focus on animals ·What would group do? ·Use the $20,000 as our initial capital to market and start a Ponzi scheme.It will be marketed as a new financial option in stark contrast to the crumbling and corrupt investment banks. ·Investments in infrastructure in Africa ·Buy Apple Stock ·We had so many ideas for how to spend the money, so we decided to turn it into more money.Because the banks are crumbling, and we have no training in venture capitalism and such, a Ponzi scheme was our most viable option. ·Greg A, Matt H, Troy M, Riggs M, Trends - Many group members seem to want to invest about half the money, and then buy whatever people want with the rest of it.Mostly though, people want to invest. ·As a group we decided that first we would buy 5 tickets to a Hannah Montana concert and then sell them for large sums of money.Then we would ask Steve Wilkos what to do with the money because he knows a good deal when he sees one; however, if he does not suggest anything which we like, we will spend the rest of the money traveling to Tahiti.
Spending money
We have lots of discussions about how to get people to save more, which is clearly important.
But today I want to ask a question about spending money: Assume you had $20,000 to spend (and that you could not save it), what would be the ideal way to spend it? In other words, what would be the way to spend this sum if your goal was to get the most joy and happiness out of this amount? ...
Your task, Viewpoints wiki'er: burble a bit about what you would do with $20K.
- Mr. Wright: 20K, eh? I'm feeling a trip to NYC with my wife once squash season is over (2K?). Definitely some sort of stock index purchase, with an idea of longer term goals for the kids (2K in stocks per kid). Definitely a new road bike also...still racing on my first one from 5 years ago (3K). The wardrobe could use some sprucing up...I've often said that if I were rich, I'd wear a blazer and nice shirt each day, so this could help with a trip to Boyd's (3K?). One more thing...good first editions of Robert Parker's first four novels (3K). And the rest as vacation down payments for real vacations we take.
- Ben, Caroline, Rebecca, Victoria:
- Stocks: $5,000 Bonds (Chinese and U.S Bonds) $1000 $7500 in Charity (Haiti Victims) $500 on taking a limo to KFC $3000 on vacationing in Japan $1000 shopping $1000 on Charity (Darfur orphans) $1000 to the U.N
- Trends: In our group, all of us spent a portion of our money on material items (meaning we didn't invest or buy property or anything like that.) Some of us shared our money with our families and all of us donated a piece of our money to charity. We could pretty much be dropped off at King of Prussia mall to accomplish most of our shopping needs, but some of us need to have a serious amount of time at Genuardi’s. (Some will also be ordering takeout from delicious and expensive restaurants.) One person needs a soda fountain.
- Group: We would divide the money evenly, with five thousand a piece, and pretty much follow our original game plan. The only difference would be the amount we could spend, other than that, it would be the same—King of Prussia, Genaurdi’s, delicious expensive restaurants, and a soda fountain.
- Trends: Objects such as bling (6k), chocolate/candy (1k), indoor pool (20k), new car (10k), a rare copy of a book (3k)
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· TrendsTrends: stocks, bonds charities
Investments such as Mittens for Kittens © (20k), investing in gold (5k),
Giving money to charity (10k)
Our group as a whole would spend the money in creating a restaurant called "Heated Pastries and Other Flour-Based Foodstuffs" where we bake muffins and scones and such right in front of you on a superheated oven made of rock. We would only hire the most qualified bakers
· Personal Enjoyment
· Very little thought for charity or future investments
· Focus on animals
· What would group do?
· Use the $20,000 as our initial capital to market and start a Ponzi scheme. It will be marketed as a new financial option in stark contrast to the crumbling and corrupt investment banks.
· Investments in infrastructure in Africa
· Buy Apple Stock
· We had so many ideas for how to spend the money, so we decided to turn it into more money. Because the banks are crumbling, and we have no training in venture capitalism and such, a Ponzi scheme was our most viable option.
· Greg A, Matt H, Troy M, Riggs M, Trends - Many group members seem to want to invest about half the money, and then buy whatever people want with the rest of it. Mostly though, people want to invest.
· As a group we decided that first we would buy 5 tickets to a Hannah Montana concert and then sell them for large sums of money. Then we would ask Steve Wilkos what to do with the money because he knows a good deal when he sees one; however, if he does not suggest anything which we like, we will spend the rest of the money traveling to Tahiti.